InterDigital, Inc. Increases Price Range for Tender Offer to Repurchase up to $200 Million of its Common Stock

WILMINGTON, Del., Feb. 06, 2023 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), (“InterDigital” or the “Company”) announced today that it is amending its previously announced modified “Dutch auction” tender offer (the “Tender Offer”) to purchase for cash up to $200 million of its common stock (the “Common Stock”). The Tender Offer was originally set at a price per share not less than $60.00 and not greater than $69.00, less any applicable withholding taxes and without interest. As amended, the Tender Offer is now set at a price per share not less than $65.25 and not greater than $75.00, less any applicable withholding taxes and without interest. On February 3, 2023, the last full trading day before the amendment of the Tender Offer, the closing price of the Common Stock was $71.29 per share. The Tender Offer will expire at 11:59 p.m., New York City time, on February 17, 2023, unless extended or terminated.

As the price range of the Tender Offer has been increased as described above, stockholders who have already tendered shares of Common Stock and indicated that they would be willing to sell their tendered shares to the Company at the final purchase price determined by the Company under the Tender Offer, or whose tender is within the amended price range for purchase and who do not wish to change their tender, do not need to take any further action. All previous tenders by stockholders who did not indicate that they would be willing to sell their shares of Common Stock at the final purchase price determined under the Tender Offer and whose tender is not within the amended price range for purchase have been invalidated. Therefore, such stockholders, and any other stockholders who wish to tender their shares in the Tender Offer or change the number of shares or the price at which they wish to tender such shares in the Tender Offer, must deliver an amended Letter of Transmittal to the depositary for the Tender Offer on or prior to the expiration date.

If the Tender Offer is fully subscribed, the Company will purchase between 2,666,666 shares and 3,065,134 shares, or between 9.0% and 10.3%, respectively, of the Company’s outstanding Common Stock (which excludes shares issuable upon exercise of stock options and vesting of time-based restricted stock units and performance-based restricted stock units, conversion of our convertible notes or exercise of the related warrants, or shares that are reserved for future issuance under our equity compensation plan). If shares having an aggregate purchase price of more than $200 million are tendered in the Tender Offer and not properly withdrawn, the Company reserves the right to accept for purchase pursuant to the Tender Offer up to an additional 2% of its outstanding Common Stock without extending the expiration date of the Tender Offer. Any shares tendered may be withdrawn prior to expiration of the Tender Offer. Stockholders that do not wish to participate in the Tender Offer do not need to take any action. None of our directors or executive officers will tender any of their shares in the Tender Offer.